WASHINGTON: US President Donald Trump engaged in tax schemes that included cases of fraud in which he and his siblings helped their parents dodge millions in taxes, the New York Times reported on Tuesday.
The Times investigation, which the White House said was “misleading,” showed Trump received the equivalent today of at least $413 million from his father`s real estate business.
The Times, citing a “vast trove” of confidential tax return and financial records, reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents.
During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started out with only a “very small” loan from his businessman father, Fred Trump.
Reuters has not been able to verify the report.
In a statement, White House spokeswoman Sarah Sanders called the story “misleading” and said that “many decades ago the IRS reviewed and signed off on these transactions.”
Trump lawyer Charles Harder told the Times: “President Trump had virtually no involvement whatsoever with these matters.”
Harder added: “The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.”